NEW VISION: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
NEW VISION
Largest movements
- Tangible fixed assets -€52,945
down €52,945 (-3.1%), from €1.7m to €1.6m
of which Assets under construction and advance payments: -€203,099
- Profit (loss) carried forward -€79,337
down €79,337 (-6.4%), from €1.2m to €1.2m
- Other debts +€44,450
up €44,450 (+6.9%), from €641,589 to €686,039
- Trade debts -€33,958
down €33,958 (-37.0%), from €91,850 to €57,892
- Financial income +€77,508
up €77,508 (+145.8%), from €53,166 to €130,674
of which Financial income: +€77,508
- Gross operating margin -€65,098
down €65,098, from €62,872 to -€2,226
- Staff costs +€34,348
new in 2025: €34,348
- Depreciation +€15,588
up €15,588 (+10.9%), from €142,535 to €158,123
- Financial charges +€1,379
up €1,379 (+85.7%), from €1,609 to €2,987
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,138,486 | €2,081,383 | -€57,103 | -2.7% |
| Fixed assets | 21/28 | €1,702,833 | €1,649,888 | -€52,945 | -3.1% |
| Tangible fixed assets | 22/27 | €1,702,833 | €1,649,888 | -€52,945 | -3.1% |
| Land and buildings | 22 | €1,113,923 | €1,025,376 | -€88,548 | -7.9% |
| Plant, machinery and equipment | 23 | €347,429 | €601,981 | +€254,552 | +73.3% |
| Furniture and vehicles | 24 | €24,767 | €8,916 | -€15,851 | -64.0% |
| Assets under construction and advance payments | 27 | €216,714 | €13,615 | -€203,099 | -93.7% |
| Current assets | 29/58 | €435,653 | €431,495 | -€4,158 | -1.0% |
| Stocks and contracts in progress | 3 | €398,700 | €412,450 | +€13,750 | +3.4% |
| Stocks | 30/36 | €398,700 | €412,450 | +€13,750 | +3.4% |
| Amounts receivable within one year | 40/41 | €17,725 | €9,449 | -€8,276 | -46.7% |
| Trade receivables | 40 | €14,405 | €9,449 | -€4,957 | -34.4% |
| Other amounts receivable | 41 | €3,320 | - | -€3,320 | |
| Cash at bank and in hand | 54/58 | €1,510 | €1,536 | +€26 | +1.7% |
| Deferred charges and accrued income | 490/1 | €17,719 | €8,060 | -€9,658 | -54.5% |
| Total equity and liabilities | 10/49 | €2,138,486 | €2,081,383 | -€57,103 | -2.7% |
| Equity | 10/15 | €1,405,047 | €1,325,711 | -€79,337 | -5.6% |
| Contributions | 10/11 | €156,000 | €156,000 | = | 0.0% |
| Reserves | 13 | €15,600 | €15,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,600 | €15,600 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,600 | €15,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,233,447 | €1,154,111 | -€79,337 | -6.4% |
| Amounts payable | 17/49 | €733,439 | €755,672 | +€22,233 | +3.0% |
| Amounts payable within one year | 42/48 | €733,439 | €755,672 | +€22,233 | +3.0% |
| Trade debts | 44 | €91,850 | €57,892 | -€33,958 | -37.0% |
| Suppliers | 440/4 | €91,850 | €57,892 | -€33,958 | -37.0% |
| Taxes, remuneration and social security | 45 | - | €11,741 | +€11,741 | |
| Taxes | 450/3 | - | €6,779 | +€6,779 | |
| Remuneration and social security | 454/9 | - | €4,962 | +€4,962 | |
| Other amounts payable | 47/48 | €641,589 | €686,039 | +€44,450 | +6.9% |
| Non-recurring operating income | 76A | €23,745 | - | -€23,745 | |
| Remuneration, social security and pensions | 62 | - | €34,348 | +€34,348 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €142,535 | €158,123 | +€15,588 | +10.9% |
| Other operating charges | 640/8 | €11,955 | €12,326 | +€371 | +3.1% |
| Gross operating margin | 9900 | €62,872 | -€2,226 | -€65,098 | |
| Operating profit (loss) | 9901 | -€91,619 | -€207,023 | -€115,405 | -126.0% |
| Financial income | 75/76B | €53,166 | €130,674 | +€77,508 | +145.8% |
| Recurring financial income | 75 | €53,166 | €130,674 | +€77,508 | +145.8% |
| Non-recurring financial income | 76B | €53,166 | €130,674 | +€77,508 | +145.8% |
| Financial charges | 65/66B | €1,609 | €2,987 | +€1,379 | +85.7% |
| Recurring financial charges | 65 | €1,609 | €2,987 | +€1,379 | +85.7% |
| Profit (loss) for the period before taxes | 9903 | -€40,061 | -€79,337 | -€39,275 | -98.0% |
| Profit (loss) for the period | 9904 | -€40,061 | -€79,337 | -€39,275 | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,061 | -€79,337 | -€39,275 | -98.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.